Oil continues to fall in price on Tuesday.
Traders are assessing the effects of Hurricane Beryl, which hit the Texas coast on Monday, and are following the negotiations between Israel and Hamas.
Expectations that the parties will agree on a ceasefire with the mediation of Qatar and Egypt are putting some pressure on the oil market, according to a review by the StoneX team of experts, as quoted by Market Watch. Analysts, however, note that “such negotiations have failed many times before.”
The cost of September futures for Brent on the London ICE Futures exchange as of 8:15 a.m. is $85.54 per barrel, which is $0.21 (0.24%) lower than at the close of the previous trading. On Monday, these contracts fell by $0.79 (0.9%) to $85.75 per barrel.
August futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.22 (0.27%) to $82.11 per barrel by this time. As a result of the previous session, the value of these contracts decreased by $0.83 (1%) to $82.33 per barrel.
The effects of Hurricane Beryl were less severe than expected. However, some energy infrastructure facilities in Texas are still out of service due to the hurricane’s effects.
Traders’ attention this week is focused on the monthly reviews of the oil market by OPEC and the International Energy Agency.
In addition, the market is waiting for statements from Federal Reserve Chairman Jerome Powell, who will present a semi-annual report on monetary policy to the US Senate Banking Committee on Tuesday.
